Ethiopian insurance sector and its contribution to economic growth. Community based health insurance schemes partially fulfill the ethiopian governments long term goal of improving healthcare by mobilizing domestic resources, improving access to healthcare services, and increasing the quality of services provided. National bank of ethiopia risk management guideline for insurance. There has hardly ever been any work in insurance business in ethiopia that delved into the historical and factual aspects of the industry.
The period of agents of foreign insurance companies, 1920s 1950s 42 3. Ethiopia, officially the federal democratic republic of ethiopia, is a large landlocked country positioned in the horn of africa. Jun 18, 2019 types of insurance in ethiopia insurance is a way of protecting oneself from financial loss. It is a kind of risk management in which one pays a premium fee to the insurer which can be the state, a bank, or any other designated financial institution in order to receive a stipulated payment in the. With the aim of achieving radical and fundamental changes in all areas of its operation core and support. History of insurance i n ethiopia modern insurance service in ethiopia started in 1905. List of insurance companies in ethiopia insurancehorn. The uganda data is total insurance premiums relative to gdp in 2005 and derives from bester, hendrie and smith 2008, while the data for ethiopia is total insurance premiums relative to gdp in 2007 based on calculations using data supplied by the insurance supervision department of the bank of ethiopia. C is one of the pioneer private insurers established on april, 1995 with a capital of birr 12. Insurance policies marketed in the ethiopian insurance industry 269 iv. Mar 25, 2020 the first reinsurance company in ethiopia, ethiopian re endeavors to enhance underwriting capacity and solvency of direct insurers through providing technical support and cover against individual and accumulated catastrophic losses. The principle of indemnitycompensation is based on the idea that insurance is a system for distributing loss. Opportunities and challenges for microinsurance in ethiopia cenfri.
Basic categories of insurances under ethiopian law. The compensation shall not exceed the value of the object insured on the day of the occurrence. Factors affecting the profitability of insurance companies in. Insurance handbook insurance information institute. Moreover, we are also micro insurance companies established to provide to. Types of insurance in ethiopia insurance top lists. There are two reinsurance companies in ethiopia these are africare and ethio re. Its bordering neighbors include eritrea to the north, somalia and djibouti to the east, kenya to the south, and sudan to the west.
Ethiopia has been implementing communitybased health insurance. Insurance information institute 110 william street new york, ny 10038 tel. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Ethiopias insurance sector has shown strong resilience to a challenging macroeconomic environment and global development. There are 10 insurance companies in ethiopia up from 9 in 2007, with about 200 branches across the country. Evolution of insurance companies in ethiopia the history of insurance service is as far back as modern form of banking service in ethiopia which was introduced in 1905. Founded on a solid base and uniquely on a crosssectional composition, aic is progressing in renewing its commitment to excellence. The first re insurance company in ethiopia best re. Nyala insurance share company nisco was founded in july 1995 following the liberalization of the insurance business to the private sector in 1994 with the licensing and supervision of insurance business proclamation no. Research report 22 the ethiopian insurance industry and. The less rewarding trend of insurance regulations in ethiopia. Ethiopia international health insurance globalsurance is a onestop insurance brokerage service provider for you when travelling to the ethiopia. Ethiopian insurance law archives ethiopian legal brief. Ethiopia certainly has an impressive selection of tropical diseases on offer, but as long as you stay up to date with your vaccinations and take some basic preventive measures, youre much more likely to get a bout of diarrhoea, a cold or an.
Estimating the demand for microinsurance in ethiopia. Basic categories of insurances under ethiopian law fikadu. Pdf recently, attention of the ethiopian government is turned to universal and sustainable health care services with decentralized financing. Some points on the fundamental principles of insurance in. Program management and support, funding for the cbhi pilot evaluation, and printing of this evaluation report. The requirements to carry on insurance business in ethiopia by abrham yohannes on september, 2011 4 comments taken from law of banking, negotiable instruments and insurance prepare by fasil alemayehu and merhatbeb teklemedhn sponsoredby justice justice and legal system research institute the requirements to carry on insurance. Factors, which might affect the profitability of insurance companies, can be internal or external factors. Zeleke 2007 in his study insurance in ethiopia, the rationale for regulation and supervision of the insurance industry is basically to ensure the growth and. May 2020 insurance companies in ethiopia latest ethiopian. Pdf reflections on the social health insurance strategy of ethiopia. Ethiopia medical insurance ethiopia, officially the federal democratic republic of ethiopia, is a large landlocked country positioned in the horn of africa. Africa insurance company aic ethiopia insurancehorn. Insurance companies addis ababa ethiopian business directory. This is a comprehensive list of insurance companies in ethiopia.
Nib insurance company is one of gaint insurance companies which is found in ethiopia, if you think to get best insurance service in ethiopia, nib insurance is the best place to come and get those insurance services, our company had long experiance in ethiopian insurance sector and get more. Insurance ethiopia list of ethiopia insurance companies. Profile of insurance companies in ethiopia june 30, 2005 268 iv. Factors affecting the profitability of insurance companies the variation of profits between insurance companies over the years, within a country, leads to believe that internal factors or specific factors of a firm play a major role in determining profitability. The joint effects of a health insurance and a public works scheme. Ethiopia health insurance pacific prime international.
The company has a legal entity registered with the licensing and supervisory body of the national bank of ethiopia in accordance with proclamation no. The emergence of modern insurance in ethiopia 41 3. The types of taxes in ethiopia makes interesting reading for those who may be thinking of emigrating to ethiopia, for work, or to start a business. Box 2545, addis ababa ethiopian insurance corporation number one insurance company in ethiopia.
We offer a wide range of policies to meet your individual needs, including benefits such as dental, maternity, inpatient, outpatient, specialist consultations, and. Foreign insurance companies operating insurance business in ethiopia prior to the enactment of the 1970 insurance proclamation 267 iii. Tsehay insurance has reported that it has earned 33. There are several insurance companies in ethiopia dealing with all kinds and types of insurance like home insurance,health insurance, car insurance, property insurance, construction insurance, life. Its head office is in addis abeba, ethiopia, and operates through 40 branch offices and 4 licensed contact offices located in addis ababa and different parts of the country. The principle of indemnitycompensation is based on. There are several insurance companies in ethiopia dealing with all kinds and types of insurance like home insurance,health insurance, car insurance, property insurance, construction insurance, life insurance etc. Community based health insurance in ethiopia participedia. Ethiopian airlines ethiopian is the flag carrier of ethiopia. Historical development, present status and future challenges. Nice is the first wholly privately owned insurance company, established in post 1994 ethiopia, to engage in general insurance business.
Fikadu asfaw and associates law office is a fullfledged corporate and commercial law firm in addis ababa, ethiopia with highly professional attorneys providing legal advice and services to clients throughout the surrounding areas of ethiopia as well as all around the world. Evaluation of communitybased health insurance pilot schemes in ethiopia. Issn 24148385 online issn 24148377 print european journal of multidisciplinary studies janapr 2016 vol. Its head office is in addis ababa, ethiopia, and operates through 40 branch offices and 4 licensed contact offices located in addis ababa and different parts of. Global analysis of health insurance in subsaharan africa. Kevin wysner insurance coordinator office of quality and risk 4047787937.
Historical development, present status and future challenges explores the historical trajectories, thoroughly examines its emergence and the tortuous path it has gone through ever since the inception of insurance. Types of insurance in ethiopia insurance is a way of protecting oneself from financial loss. The regression result indicated that insurance premium and insurance claim has significant and negative relationship with. Most them, especially the private insurance companies. At the time, an agreement was reached between emperor menelik ii and a representative of the british owned national bank of egypt to open a new bank in ethiopia. The company has a legal entity registered with the licensing and supervisory body of the national bank of ethiopia in accordance with proclamation no861994 and license no. Community based health insurance scheme as a new healthcare financing approach in rural ethiopia. Ethiopian insurance sector and its contribution to. The commercial code and the maritme code of ethiopia, insurance 46. Rural households in ethiopia are exposed to a variety of covariate and idiosyncratic risks. Ethiopian insurance corporation eic was established by proclamation no. Although the 1960s saw a significant interest in and surge of insurance industry, foreign investors owned the lion share of the investments in insurance hailu, 2007.
Nile insurance company profile about nile nile insurance company s. It only requires updating with the help of new data that are constantly retrieved from publishers databases and other sources. Jun 19, 2019 the types of taxes in ethiopia makes interesting reading for those who may be thinking of emigrating to ethiopia, for work, or to start a business. History of insurance in ethiopia modern insurance service in ethiopia started in 1905. Role on access, use and quality of healthcare services, the case of tehuledere district, south. Business insurance in ethiopia global strategy and. Aic is one of the first few pioneer private insurance companies in ethiopia launched following the liberalization of the financial sector in 1994. There are, currently, less than 10 government owned and private insurance companies in ethiopia. Establishment of the first domestic insurance company 44 3. Insurance in ethiopia historical development, present.
Pdf community based health insurance scheme as a new. We offer a wide range of policies to meet your individual needs, including benefits such as dental, maternity, inpatient, outpatient, specialist consultations, and many others. Insurance companies addis ababa ethiopian business. Ethiopian health insurance agency, addis ababa, ethiopia. Although the 1960s saw a significant interest in and surge of insurance industry, foreign investors owned the lion share. National bank of ethiopia directivesregulation and supervision of insurance business by abrham yohannes on april 8, 2011 10 comments license and supervision of insurance business investigation fee to be paid by insurance auxiliaries and actuaries opening of branches insurance brokers code of conduct licensing of insurance actuary. Doc history of insurance in ethiopia waqo guta academia. Bear in mind that income tax is applicable to anyone who owns landed property, has an apartment rented out, has a business, or works in ethiopia, regardless of what his country of origin is. Factors affecting the profitability of insurance companies.
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